Vietnam forecast to achieve 5th-highest ultra-rich growth in Asia-Pacific: Knight Frank
Vietnam forecast to achieve 5th-highest ultra-rich growth in Asia-Pacific: Knight Frank
Property consultancy Knight Frank predicts that Vietnam is set to achieve the fifth-highest growth rate of ultra-high-net-worth individuals (UHNWIs), valued at US$30 million or more, in the Asia-Pacific region over the forthcoming five years.
An aerial view of high-rises in Hanoi. Photo: Nguyen Khanh / Tuoi Tre |
Vietnam’s UHNWI count increased 2.4 percent to 752 in 2023 from 734 in 2022, according to the latest edition of Knight Frank’s The Wealth Report.
According to Knight Frank’s projection, that figure will reach 978 by 2028.
Over the next five years, it is expected to rise 30 percent, putting Vietnam amongst the top five economies with the highest UHNWI growth rates in the Asia-Pacific region.
The Southeast Asian nation is expected to rank behind India at 50 percent, mainland China at 47 percent, Malaysia at 34.6 percent, and Indonesia at 34.1 percent.
It is anticipated to exceed South Korea's expected growth rate of 29.5 percent, Australia's forecast increase of 27 percent, and Hong Kong's projected expansion of 22.4 percent.
Globally, the number of UHNWIs rose 4.2 percent in 2023 to 626,619 from 601,300 in 2022.
North America led the pack with a 7.2-percent expansion, followed by the Middle East at 6.2 percent.
Latin America was the only region to experience a decline.
Turkey and the U.S. were the top countries in terms of growth, with increases of 10 percent and eight percent, respectively.
The rise in wealth creation was supported by global economic growth and the improved fortunes of key investment sectors, the report noted.
Knight Frank expects the number of UHNWIs to jump 28.1 percent worldwide over the next five years.
The consultancy also compiles the Knight Frank Luxury Investment Index (KFLII), which monitors the 10 most sought-after luxury investment categories.
Between 2018 and 2022, Vietnam saw annual growth rates in jewelry imports at eight percent, cars at 26 percent, wine at six percent, and watches at eight percent, according to the KFLII.
